| Generally you can tell how well a loan officer runs his | | | | you would like the opportunity to help someone out in a |
| business by the amount of referrals he gets for new | | | | field that you are an expert in. |
| loan applications. Successful mortgage professionals | | | | DON'T SAY: "My goal is to close ten loans this month. |
| tend to get a large percentage of referrals give to | | | | Do you know anyone who may need to get a |
| them by former customers and referral partnerships | | | | mortgage?" |
| with real estate agents, attorneys, financial planners, | | | | DO SAY: "My goal is to provide not only you with |
| etc. | | | | professional financing assistance, but also your friends |
| Mortgage professionals that are struggling tend to | | | | and family. Do you know anyone who may need help |
| have very few, if any, loan officer referrals. They | | | | with a financing situation?" |
| typically generate almost all of their loan business from | | | | 2. Provide awesome customer service. And to me this |
| prospecting. And while prospecting does have its place | | | | basically means keeping the client informed throughout |
| and is very important, creating a system that produces | | | | the financing process. I know of too many originators |
| loan officer referrals should be the top priority. | | | | that only talk to their customers at application and at |
| Why such focus on getting referrals? | | | | close. Maybe once or twice during the process to get |
| They are easier to work with. Which loan would you | | | | a updated pay stub or bank statement, but that's |
| rather have? Loan A was generated from a prospect | | | | about it. You want to do your best to take away as |
| call on one of your classified ads. Loan B is a referral | | | | much of the stress involved in the mortgage process |
| from a satisfied previous customer of yours. | | | | as possible. |
| Loan B of course! From the outset, the prospect from | | | | If your service stinks, you just won't get any |
| Loan A doesn't know who you are, and you don't | | | | recommendations. Don't just see the current customer. |
| know them either. There is no trust formed yet. | | | | See all of the people that this customer is involved |
| In the case of Loan B, you have already been pre-sold | | | | with on a daily basis. Good or bad, he's going to talk |
| by your former customer. Before you even meet, you | | | | about you. Providing stellar customer service ensures |
| will have already developed a high level of trust with | | | | that people are saying positive comments about you. |
| this person. | | | | 3. Ask in different ways. Besides asking more |
| So how do you go about getting more loan officer | | | | frequently, you need to ask for referrals in different |
| referrals? | | | | ways. You can ask for a referral in person right after |
| 1. Ask for them. It's amazing to me how few mortgage | | | | the application. Or maybe mail out a survey asking for |
| professionals ask for referrals. You may still get a | | | | referrals. Or do a post closing phone call to ask for |
| referral or two here and there, but you drastically | | | | referrals. People respond to differently to each form |
| increase the chances of receiving referrals by just | | | | of communication. By offering more avenues of |
| asking for them. The worst case scenario is that the | | | | receiving referrals you will increase your chances of |
| person says no. So what? Maybe right now they just | | | | receiving them. |
| don't know anyone. | | | | How many referrals did you receive last year? The |
| But then again, maybe they do know someone. The | | | | amount of loan officer referrals you got is a fair |
| point is that if you don't ask, you will never know. | | | | barometer of the direction your business is heading. By |
| And asking for a referral doesn't have to be a difficult | | | | following the tips I suggested and making referral |
| or unpleasant task. Don't ask for a referral in the | | | | generation a higher priority, you can have a successful |
| sense of asking for business. Ask in the sense that | | | | loan officer career closing more loans with less effort. |